Copper’s price plunge and hits lowest in 5-1/2 years

[FrieFrench]

Copper for delivery in three months dropped 5.3 percent Wednesday to settle at $5,548 a metric ton ($2.52 a pound) on the London Metal Exchange, after dropping as much as 8.6 percent, the biggest intraday loss since October 2008. It then rebounded on Thursday by rising as much as 2.5 percent to $5,685.50 a metric ton on the London Metal Exchange and was at $5,631 in Hong Kong.

Copper is the worst performing non-energy raw material this year on the Bloomberg Commodity Index (BCOM), which has tumbled to the lowest in 12 years amid forecasts for China’s slowest economic growth since 1990. Goldman Sachs Group Inc. this week highlighted tighter credit in the country, the world’s biggest metals consumer, as a challenge for copper prices.

Via Copper’s price plunge and hits lowest in 5-1/2 years

 

[fxstrategist]

Copper

Incredible drop in Copper, lets see how low it may go, but it remains weak.

 

[0007]

Incredible drop in Copper, lets see how low it may go, but it remains weak.

What a change! I remember many years ago when copper was so expensive that they even used stainless steel piping for central heating systems in UK because it was cheaper – and that was a disastrous flop!